TOKYO (The Hollywood Reporter) — Livedoor, a maverick Japanese Internet service provider, won a High Court injunction on March 11 preventing radio station Nippon Broadcasting System from selectively issuing ¥15.97 billion ($153 million) worth of equity warrants to Fuji TV.
Livedoor and Fuji TV are locked in a bitter takeover battle for NBS, the result of which might ultimately mean the acquisition of Fuji TV by Livedoor because of the unusual cross-holding structure between Fuji TV and NBS.
Both Fuji and NBS are part of the larger Fuji Sankei media conglomerate. NBS chairman Akinobu Kamebuchi described the judgment as “very regrettable.”
In a separate statement, NBS said it will “continue to pursue the case through the legal system,” suggesting an appeal of the ruling.